Life Kit Getting Out Of Medical Debt Can Feel Impossible. Here's How To Do It
Jul 14, 2020
Medical debt plagues one in five Americans, causing emotional and financial stress for many. Discover how using specific phrases like 'financial assistance policy' can unlock support options. The conversation emphasizes the importance of negotiating bills and understanding your rights when dealing with debt collectors. Listeners can learn practical strategies, including prioritizing high-interest debts and seeking help from nonprofit credit counselors. Plus, enjoy a clever tip about reusing candle containers!
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Seek Financial Assistance
- Ask for financial assistance or charity care as soon as you receive a large medical bill.
- Nonprofit hospitals are required to have these policies, which can significantly reduce or eliminate your debt.
Negotiate Lower Prices
- Never pay the sticker price (chargemaster rate) for medical bills.
- Negotiate a lower price by researching what insurance companies and Medicare/Medicaid pay.
James Harrison's Medical Debt
- James Harrison faced a $100,000 bill for emergency heart surgery after his insurance denied the claim.
- By researching and negotiating, he reduced the bill to $25,000 and secured a four-year payment plan.